Overview
- Spurs Sports & Entertainment launched a 10-session public listening tour to present Project Marvel and gather resident input about a proposed $1.3 billion arena at Hemisfair, with the first meeting held Monday and sessions running through July 23.
- City and county officials are negotiating a non-binding term sheet that would split arena costs roughly as: City up to $489 million, Bexar County up to $311 million, and the Spurs $500 million, with the term sheet expected to be finalized by year-end.
- The city has begun buying land in the Hemisfair area, and SS&E has pledged roughly $1.4 billion in adjacent private development plus responsibility for any cost overruns on the arena.
- Local artists, neighborhood leaders and three City Council members are pressing for a formal role in allocating the Spurs’ pledged $75 million in community benefits and for Project Marvel to prioritize public art, affordable housing and affordable retail for residents.
- If the term sheet is agreed, construction could start in the coming years with the Spurs targeting the new arena to host the team around the 2030 season, and the city plans to rely on property-tax revenue from new development and hotel-related taxes to repay bonds.